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Income, Saving, and the Theory of Consumer Behavior
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The article was published on 1949-01-01 and is currently open access. It has received 2738 citations till now. The article focuses on the topics: Permanent income hypothesis & Marginal propensity to save.read more
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Life cycle, individual thrift, and the wealth of nations.
TL;DR: The life cycle hypothesis of saving as discussed by the authors is one of the most popular theories of individual and national thrift, and it has been applied to a variety of problems in finance and economics.
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Reign in hell or serve in heaven? A cross-country journey into the relative vs absolute perceptions of wellbeing ☆
TL;DR: This article found that wellbeing is perceived mainly in relative terms with the strength of relativism being higher for respondents in high-income countries, however, when the satisfaction of some "basic needs" is at stake the absolutist concern becomes powerful.
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Savings Goals and Saving Behavior from a Perspective of Maslow's Hierarchy of Needs
Jae Min Lee,Sherman D. Hanna +1 more
TL;DR: The authors examined associations between saving goals and saving behavior from a perspective of Maslow's Hierarchy and found that self-actualization and retirement/security had the strongest associations with saving behavior.
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Debt Servicing, Aggregate Consumption, and Growth
Mark Setterfield,Yun K. Kim +1 more
TL;DR: In this paper, the authors develop a growth model that emphasizes the importance of consumption behavior and show that consumers first make consumption decisions based on their gross income, and then treat debt servicing commitments as a substitute for saving.
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The Efficient Side of Progressive Income Taxation
TL;DR: This article examined the allocative implications of progressive income taxation when individuals care about their relative income and showed that tax progressivity might improve efficiency, and more so in egalitarian economies, and that introducing a progressive income tax can yield a Pareto improvement if pre-tax income is evenly distributed.